Remittance company Moneygram appoints new CFO

Dive Brief:

  • Moneygram appointed Brian Johnson as CFO effective Sept. 1, according to a Thursday announcement. Johnson is moving up the ranks of the global digital peer-to-peer (P2P) company, where he has previously served as head of corporate finance and global treasurer. He has been with Moneygram since 2018.
  • Johnson is succeeding Larry Angelilli, who will continue to serve as executive vice chairman and assist on external relations as well as other strategic matters.
  • The appointment comes in the wake of a pending sale of Moneygram to the Chicago private equity firm Madison Dearborn Partners expected to close in the fourth quarter of 2022.

Dive Insight:

Johnson started at Moneygram — which allows users to send money from the US — in 2018 as head of corporate financial planning and analysis (FP&A) and merger and acquisition activity (M&A). Before Moneygram, Johnson’s logged over 20 years of financial services experience at Commerce Street Capital, Hudson Advisors/Lone Star Funds and Bear Stearns, according to his LinkedIn profile.

In February, the Dallas-based company announced it had entered into an agreement to be acquired by Dearborn Partners. Moneygram had been on and off the sales block for years and the deal is expected to close sometime in the fourth quarter of FY22.

Johnson is beginning his role as CFO after Moneygram announced its collaboration with Wyre, a cryptocurrency infrastructure provider. This partnership will aim to bridge the gap between physical and digital currencies by allowing users to convert their flat currency into digital assets, Moneygram said. According to the company statement besides Johnson’s appointment Moneygram also shifted current chief readiness officer Anna Greenwald to COO, effective immediately.

The Consumer Financial Protection Bureau (CFPB) and New York Attorney General in April sued the company for allegedly repeatedly violating consumer protection laws. According to the lawsuit, the company failed to deliver funds promptly to recipients overseas on multiple occasions. Most Moneygram users are immigrants or refugees sending funds to their country of origin, the lawsuit noted.

In response to the allegations, the company in May asserted that Moneygram “cares deeply about consumer protection and has cooperated fully with the CFPB during its investigation.”

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